Stolt-Nielsen reported unaudited results for the third quarter and first nine months of 2021.

The Company reported a third-quarter net profit attributable to shareholders of $33.5 million, with revenue of $580.9 million, compared with a net profit attributable to shareholders of $7.8 million, with revenue of $526.9 million, in the second quarter of 2021. The net profit attributable to shareholders for the first nine months was $43.8 million, with revenue of $1,588.0 million, compared with a net profit from continuing operations of $23.5 million, with revenue of $1,474.5 million, in the first nine months of 2020.

Highlights for the third quarter, compared with the second quarter of 2021, were:

• Stolt Tankers reported operating profit of $24.1 million, up from $12.6 million, reflecting improved trading results, lower owning expenses and a gain on the sale of a ship.
• The Stolt Tankers Joint Service (STJS) Sailed-in Time-Charter Index improved slightly from 0.51 to 0.53. The STJS sailed-in revenue for the quarter was $18,795 per operating day basis an average size per ship of 32,020 deadweight tonnes (DWT).
• Stolthaven Terminals reported operating profit of $19.8 million, up from $18.3 million, driven by improved utilisation at several owned terminals, partly offset by lower equity income at joint ventures.
• Stolt Tank Containers reported operating profit of $24.7 million, up from $12.5 million, reflecting higher transportation and demurrage revenue.
• Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of
• $3.5 million compared with an operating loss of $1.4 million, reflecting a strong improvement in sales prices for both turbot and sole.
• Corporate and Other reported an operating loss of $2.2 million compared with a loss of $0.9 million as a result of higher accruals towards profit sharing and long-term incentives.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, commented: “The improvement in the third quarter was primarily a result of very strong performances and market conditions at Stolt Tank Containers and Stolt Sea Farm. At Stolt Tankers we saw a recovery in contract nominations following the second-quarter negative impact of the Houston freeze in February. As a result of the higher contract volume carried, we were less reliant on the low paying spot market, which has not yet shown any sign of recovery. At Stolthaven Terminals we continued to see an increase in utilisation and throughput volumes, driving improvements in revenue. Stolt Tank Containers’ markets continue to show strength with rising freight rates and higher demurrage revenue compensating for the rising costs. At Stolt Sea Farm the strong demand for both turbot and sole led to increased sales volume and solid increases in prices during the traditionally strong summer season.

“I am positive about the overall market outlook for all our businesses. Stolt Tankers further consolidated by adding an additional six ships to its fleet through the pool participation by Tufton Oceanic. As mentioned before, the supply side in the chemical parcel tanker segment looks very favourable and it is just a matter of time before we will see a further strengthening of the market. At Stolthaven Terminals utilisation has continued to improve steadily over recent months, and with such high utilisation it is expected that rates will follow. As we enter the fourth quarter, the storage market conditions, particularly in Houston, New Orleans, Singapore and Santos are looking favourable. I expect the market for Stolt Tank Containers will continue to be strong in the quarters to come. Even though we are operating under very challenging circumstances due to tight ocean liner capacity, a shortage of truck drivers and port congestion, we are able to pass on the additional costs and improve margin per shipment. At Stolt Sea Farm, the new Cervo and Tocha farms are both performing beyond our expectations. Biomass growth is stronger than we first anticipated, and with our growing sales team we are now working to expand the geographic scope of our customer base. Tocha had its first harvest in August, four months ahead of schedule. Sole production capacity is now in excess of 1,500 tonnes per year, up from 700 tonnes prior to the commissioning of the two new farms.

“Momentum at Avenir LNG has accelerated with the commissioning of the Sardinia terminal and multiple ship deliveries throughout the second half of 2021. The first two vessels are already employed under solid charter arrangements with Petronas and New Fortress Energy. The third ship, Avenir Aspiration, due for delivery this week, will enter into service to supply our HIGAS terminal in Sardinia, which began commercial operations in August. The Avenir Aspiration plays a critical role in realising Avenir’s strategy of becoming the leading small scale LNG supplier to our customers in Sardinia and throughout the Mediterranean region. Looking forward, Avenir is close to finalising significant opportunities for each of the last three vessels, which will service growing small-scale LNG and bunkering demand in Asia Pacific, Europe and the Americas respectively. In an effort to accelerate the roll-out of vaccines, Stolt Tankers continued its own vaccination programme for crew members. To date we have vaccinated over 2,000 of our seafarers.”